McDermott Reports Third Quarter 2010 Income from Continuing Operations of $60.8 Million, $0.26 Per Fully Diluted Share

McDermott International, Inc. MDR (“McDermott” or the “Company”) today reported net income from continuing operations of $60.8 million, or $0.26 per diluted share, for the 2010 third quarter. Included in the 2010 third quarter continuing results is approximately $43.9 million of non-cash impairment and related expenses, or 19 cents per diluted share. The results of the 2010 third quarter compare to net income from continuing operations of $76.1 million, or $0.32 per diluted share, in the corresponding period of 2009. Both periods exclude the results of The Babcock & Wilcox Company (“B&W”), which was spun-off to McDermott shareholders on July 30, 2010, as well as the operations of McDermott's charter fleet business, which were obtained in the 2007 Secunda asset acquisition and are classified as held for sale. Weighted average common shares outstanding on a fully diluted basis were approximately 236.3 million and 234.3 million in the quarters ended September 30, 2010 and September 30, 2009, respectively.